Junior Underwriter
Salary

The average Junior Underwriter in the United States can expect to rake in roughly $45K per year. Location and tenure each impact pay for this group, with the former having the largest influence. There are more female Junior Underwriters who answered the questionnaire than male, making up 64 percent. Most Junior Underwriters like their work and job satisfaction is high. Medical benefits are awarded to a large number, and a fair number earn dental coverage. The data for this snapshot was collected from individuals who took PayScale's salary survey.

XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).

XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).

Job Description for Junior Underwriter

A junior underwriter generally work under an underwriter, helping carry out the duties required in determining whether or not a loan should be given. The junior underwriter performs many of the same duties as an underwriter, such as investigating loan eligibility, making decisions on whether or not loans are to be granted, and explaining why a loan was granted or denied as required. Quality checks and reports are often required of a junior underwriter. They also put together documentation, update data, and create reports relating to the loans.

The junior underwriter has to look over loan applications to ensure there are no discrepancies and that all necessary signatures have been obtained. Therefore, attention to detail is essential. The junior underwriter keeps track of customer records as well. Communication with the customer and employees in other parts of the company is done electronically, in person, and through the phone. The junior loan officer must update systems according to changes in policies, technology, and rates, so adaptability and the ability to learn quickly is a must.

Most junior underwriter positions require a minimum of a associate’s degree, though many require a bachelor’s degree and experience in the banking field. Generally, this is a full-time job that takes place during regular office hours, though availability outside those hours may sometimes be required. Computer skills are essential, as many processes are somewhat automated and require use of programs such as Microsoft Excel and DecisionPro.

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Pay by Experience Level for Junior Underwriter

Median of all compensation (including tips, bonus, and overtime) by years of experience.

Junior Underwriters with a lot of experience do not necessarily enjoy more money. During the first five years of their careers, Junior Underwriters see a median income of $41K. Survey respondents with five to 10 years of experience report an only modestly higher median of $43K. Junior Underwriters who work for 10 to 20 years in their occupation tend to earn about $48K. Old hands boasting more than twenty years of relevant experience report pay that is more or less commensurate with that extensive experience; average earnings for this group come out to approximately $50K.